Hey, everybody! Today I’d like to give you some advice on how to choose a cryptocurrency exchange platform. In the recent years I’ve dealt with a number of different exchanges, so I have enough experience to make my own comparison list.
Ease of use
The initially European market now shifting to Worldwide. Has an official iOS app and an unofficial Android app created by Bitrocket IT. User-friendly interface.
Registration takes seconds. It all becomes a bit more difficult if you want to fund your account with fiat. In that case you have to ask for verification at email@example.com sending them personal data requested. These measures are aimed to prevent money-laundering and criminals entering the exchange. This cryptocurrency exchange is highly rated for both beginners and professionals.
For registration on this cryptocurrency exchange, you only have to provide an email address and country of residence. It’s also possible to sign in using Google account or Facebook. You can change the verification level while increasing the limits stored.
To create an account you have to fill up a lot of space to provide maximum data. In cryptocurrency world very few people would be OK with providing such personal information like mobile phone number or their complete name. Yet, Bithumb provides a guide page in Korean with English transcription.
Being an unregulated cryptocurrency exchange, they have a simple account creation. It must only be confirmed by clicking on the verification link sent to your email provided during the registration process.
There are 4 verification tiers and you can’t use any option without confirmation. The developers are really interested in its security, though this may slow down the whole process of trading.
Has 3 types of accounts: General, Verified, Qualified. It depends on the amount you want to trade during a week/month. The exchange is considered to be very reliable by many users.
Has a number of restrictions to countries being not part of their exchange platform. The website works good and they even have some educational materials for newbies.
It’s the largest South Korean cryptocurrency exchange and one of the leaders in the global market too. On the other side, there was a hacker attack costing website millions of dollars.
This exchange has no background info. Instead of team members or location you get nothing but Coinexchange goals. It’s quite suspicious and obviously gives the platform a red flag.
How you can save your money while trading. As everyone knows, each cryptocurrency exchange has its own trading and sometimes even withdrawal fees.
Their wavering exchanging fees seem quite good at first. But later you realise that do nothing but overpay for some operations.
Quite low and stable fees among the others exchangers. Market makers get rebates for their operations, which turns out to be quite profitable.
Another wavering system which reaches the highest sum of all the cryptocurrency exchanges mentioned. Yet, they have 0% maker fees.
Have a coupon feature which can change the commission fee to almost 0%
Their fee is some kind of a mid-cost among the other exchanges. Moreover the fee list is open for everyone so you don’t need registration to have a look at it.
When I was trading with Kraken I figured out that it is a bit lack with mobile support and has a number of problems when the market gets hot. Nevertheless, support works 24/7 including email and chat responses.
They have a ticketing system with a variety of 4 main problems: General Questions, Payment, Technical and Verification Questions. There’s also a support centre for users. The support is nice and friendly.
I might surprise you but Luno has no customer support at all. How could it be? Wonder who is brave enough to use it.
Have a customer support button on their front page, but you have to log in to use it. No FAQ’s visible for non-users.
Another ticketing system which is lacking both phone and live chat. To do that you have to visit their support page. There’s also a “Knowledgebase” where everyone can read common FAQ’s and find something helpful.
International SWIFT wire, BTC.
Wire Transfer, cryptocurrency.
SEPA Transfer, Bank Transfer, Interbank GIRO/IBFT, Bank Transfer, and EFT.
They do not accept fiat which might be uncomfortable among some traders. So this cryptocurrency exchange is focused only in BTC/altcoin trading.
Market Cap: $278,232,976 USD / 29,657 BTC
Market Cap: $272,253,377 USD / 29,020 BTC
BTC/ETH, BTC/IDR, BTC/MYR, BTC/NGN, BTC/ZAR
Market Cap: $5,605,946 USD / 597,64 BTC
Market Cap: $781,603,803 USD / 83,326 BTC
Market Cap: $6,269,555 USD / 668,53 BTC
Cryptocurrency Exchange Reputation
Some call it an “industry leader” but my trading experience was opposite: software used to shut down at critical times and the policies geared to make money did not help me do that. After a few months with them, I was $30000 down.
Among the mentioned ones, this HitBTC has quite a good reputation. They use advanced technologies and have a demo mode for newbies. So far no problems occurred and I can admit that it’s an advanced cryptocurrency exchange today.
Has specific limits depending on where you are from. However, Luno has a wallet service which helps you to reach the funds wherever you are. Suggest reading more reviews on this exchange to make up your own opinion.
Bithumb is focused on South Korea, which is useless to a number of traders. Also, it had been hacked once, which doesn’t show any reliability.
2FA gives this unregulated cryptocurrency exchange a plus as your anonymity account seems to be quite safe. “Bug Bounty” is also a good feature. So if you are OK with the lack of information on Coinexchange why not trying.
Everyone makes mistakes when they start, but there’s always time to learn and make some changes. So, when searching for new trading platform, it’s better to really get into it. Wish you good trading.